Singapore wants all the business it can receive via the blockchain and trading of cryptocurrency. The innovative government understands that blockchain is an emerging technology and cannot be regulated from prior laws. The Central Bank and financial regulator (Monetary Authority of Singapore) in Singapore has proposed changes to their current regulations. These new proposed changes would decrease the market entry for blockchain related exchanges, resulting in big blockchain business for Singapore.
The proposed paper mentions blockchain/cryptocurrency via language of “new business models in trading platforms, including trading facilities that make use of blockchain technology, or platforms that allow peer-to-peer trading without the involvement of intermediaries.” Singapore is already one of the most popular destinations for exchange platforms as China bans them and Japan issues unattractive regulations.